Canadian Underwriter

Optimum Group further increases interest in Optimum General

January 15, 2003   by Canadian Underwriter

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Following on a mid-December share purchase, Optimum Group Inc. has once more increased its stake in troubled Optimum General Inc. (TSX: OGI.A). Through U.S. subsidiary Optimum Re, the group has purchased 275,000 class A subordinate voting shares. The transactions were made through private agreements with five parties at a per share price of $3.25, which the company says does not exceed 115% of market price according to securities legislation.
“The transactions were made for investment purposes by Optimum Re (Insurance Company),” states a release.
The current acquisition means that since December 13, 2002 (three days after the last major acquisition of 83,900 shares), Optimum Group has purchased 291,000 of the class A subordinate shares, increasing its stake from 2.98 million (67.42%) to 3.27 million (74%) shares in this class. Combined with class B multiple voting shares, Optimum Group and affiliated companies hold 95.63% of voting shares in Optimum General, up from 94.3% following the December 10, 2002 transaction.
The group says it has no immediate plans to significantly increase its stake in Optimum General.

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